Earlier today (08/02), Scorpio Tankers released their Q2 2023 results
- Couldn’t find it easily in the presentation deck, but vessel rev was $329.3M
- Company is performing well - canceling lots of vessel leases and purchasing vessels back (total of 49 vessels thru 09/30/23)
- Subsequent to quarter end, company has arranged a major financing facility covered by about 40% of the previously leased vessels. Has additional vessel collateral to continue drawdown on the facility
- Company buying back shares - almost 6M shares purchased in Q2 2023
- Strong cash position of > $600M
- While still quite healthy, shipping rates have declined across all categories in Q3 - around $27K daily for spot trading LR2 and MR2 vessels, around $20K daily for Handymax tankers
No STNG position, but last item is of some interest wrt TRMD stake.